Crypto Expert Unveils Projected Bitcoin Price Recovery Date

Please paraphrase the following article:

Story Highlights
Bitcoin’s recovery relies on the departure of underperforming miners, according to Willy Woo.
Woo points out that past hash rate rebounds 24 days in 2017, 8 days in 2020, and are at 61+ days.
Post-halving Bitcoin recovery is slower due to market and investor behavior changes.

Bitcoin’s Recent Performance
In the last day, Bitcoined by

1.5%, reaching $64,590

. Since its peak price of $,084 in March 2024, it has lost more than 12% and struggles to maintain the

$65000

level of support. Investors are keen to know when Bitcoin will recover and head towards new heights.

The Path to Recovery
Willy Woo, a significant figure in the crypto community, has provided valuable insights into factors influencing Bitcoin’s rebound. He suggests that Bitcoin’s turnaround is closely linked with weak miners leaving the network.

When weak miners exit #Bitcoin,
it appears as inefficient miners running outdated hardware and high costs causing bankruptcy or forcing upgrades for efficiency with income halved but costs unchanged.
These scenarios lead…

— Willy Woo (@woonomic)
June 21st, 2024

Weak miners struggle with outdated equipment and high operational expenses. They either shut down or upgrade their for competitiveness. To cover losses or fund these changes, they must sell their Bitcoins which adds negative pressure on its price.

Impact of Weak Miner Departure
The departure of inefficient miners is crucial for Bitcoin’s long-term health and stability — resulting in a more resilient network that could potentially pave way for a price recovery.

Historical Data & Future Projections
Willy Woo’s analysis suggests insights about when we can expect Bitcoin’s next rally based on historical data from previous price rebounds post-halving. In summer breaks during traditional Wall Street activities back in2017 hash rates recovered over a span of mere24 days while recovering within eight days following pandemic-induced market chaos backin2020.Based on his analysis,a significant hash rate recovery post most recent halving has taken over61days.Woo attributes this extended durationto various factors such as current conditionsand major investor activities..

Time is ticking away for these weak miners.Will we a summer surge? Or should we brace ourselvesfora longer wait?What are your?